The Bank of Ghana (BoG) significantly reduced the cost of issuing currency in 2025, even as the amount of cash circulating in the economy continued to rise.
According to its latest financial statements, total currency issuance costs fell sharply from over GH¢1 billion in 2024 to GH¢471.4 million in 2025.
This makes it one of the most notable operational cost adjustments within the accounts of the Bank.
The decline was driven primarily by a steep drop in direct production expenses.
The cost of printing banknotes and minting coins fell by 72%, from GH¢986 million to GH¢277 million year-on-year.
This suggests a deliberate scaling back of physical currency production, likely reflecting improved inventory management, lower replacement demand or cost optimisation measures.
However, the broader cost structure tells a more mixed story. While production expenses declined, several other operational lines recorded increases.
For instance, agency fees rose marginally to GH¢10.6 million, foreign currency import costs increased from GH¢14.4 million to GH¢16.5 million with miscellaneous currency-related expenses surging significantly from GH¢14.6 million to GH¢183 million.
The sharp rise in these ancillary costs partially offsets the gains made from reduced printing and minting expenditure, pointing to underlying pressures in currency management and logistics.
Despite the lower production costs, demand for physical cash remained strong.
Currency in circulation grew by approximately 17%, rising from GH¢71.6 billion in 2024 to GH¢83.8 billion in 2025.
The Bank of Ghana defines this as the total face value of banknotes and coins held by the public and financial institutions, net of cash held in its own vaults.
